CAclubindia Articles

Income Tax India's AIS Upgrade: A Closer Look at New Functionalities

Abhishek Raja 16 May 2024 at 08:38

The Income Tax Department has now upgraded the AIS functionality, allowing taxpayers to track the confirmation status of information reported by sources like banks. This new feature aims to increase transparency by displaying if the source has accepted or rejected feedback on incorrect data in the AIS.

Tax treatment of Livestock: Analysis

CA Aman Rajput 15 May 2024 at 15:22

In India, the dairy industry forms an important part of the agricultural sector and plays an important role in the growth of India's economy. Another important area is providing livelihoods to hundreds of people across rural and urban areas.

Liability of Directors in case of a Private Company

Affluence Advisory 15 May 2024 at 15:16

In this article, we have tried to cover the liability of directors under different laws, i.e., company law, income tax, and GST.

Is trading possible without paying tax?

Khush Trivedi 15 May 2024 at 15:11

According to Times of India the investor base has seen more than 3x jump in the last five years, facilitated by rapid growth in digitization, rising investor awareness, financial inclusion, and strong market performance.

Understanding Tax Implications for NRIs in FY24

CA Arun Tiwari 15 May 2024 at 08:39

As we explore the fiscal year 2024 (FY24), it's crucial to understand the intricate tax implications for NRIs to ensure compliance with Indian tax laws and optimize tax efficiency.

Understanding Systems Audit and Process Audit: A Comparative Analysis

Sundaran.D 15 May 2024 at 08:39

In the sphere of organizational management, audits serve as indispensable tools for enhancing efficiency, ensuring compliance, and driving overall effectiveness. Among the array of audit types, two stand out prominently: systems audit and process audit.

Doctrine of Merger in case where Apex Court dismisses a Case based on Threshold

Affluence Advisory 14 May 2024 at 14:11

In a recent judgment of Jharkhand HC, the captioned principle has been discussed at length.

The Conundrum of Rule 86B in Indian GST Laws!

Abhishek Raja 14 May 2024 at 08:33

The Goods and Services Tax (GST) in India has been a subject of continuous evolution since its implementation. One such aspect that has been a cause for concern among taxpayers is the compliance with Rule 86B.

How to Save Tax if Salary is Above 5 Lakhs for FY 23-24?

Khush Trivedi 13 May 2024 at 12:41

As the due dates are not so far to file your Income Tax returns for the FY 23-24, as an individual taxpayer one cannot contribute that much in form of taxes on their earnings.

Delay in complying with timelines relating to Cost Audit 2023-24 to be informed to MCA by Cost Auditors

CMA Navneet Kr Jain 13 May 2024 at 08:41

Recently, MCA issued various notices after reviewing the cost audit reports, and now ICMAI has come up with an advisory, which we need to follow. We request that you ensure the accuracy of the data, the timely completion of the data, and the filing of the cost audit report.